Article 30

A Licensee must have corporate governance rules, systems and controls that are commensurate with the nature, scale and complexity of its business and structure, designed to address matters that include but are not limited to its organizational structure, independence and separation of duties, roles of the company management and board members and its committees – including the appointment of the managers and members and their duties, remuneration and compensation policies, conflict of interest controls, integrity and transparency controls, compliance with applicable laws, regulations and decisions, confidentiality and protection of company assets. In so doing, the Licensee must meet the applicable standards and principles as promulgated by SAMA and competent authorities in this regard.